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Share-Based Payments | 12 Months Ended
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Jun. 30, 2024
Notes and other explanatory information [abstract] |
Share-based Payments | Note 17. Share-based Payments a) Executive share and option plan The establishment of the Omnibus Incentive Plan (OIP) was approved by shareholders at the 2021 annual general meeting. The plan is designed to provide long-term incentives for executives (including directors) to deliver long-term shareholder returns. Participation in the plan is at the board’s discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. Set out below are summaries of all listed and unlisted options, including those issued under OIP:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Average exercise price per share option (A$) |  |  | Number of options |  |  | Average exercise price per share option (A$) |  |  | Number of options |  |  | Average exercise price per share option (A$) |  |  | Number of options |
As at 1 July |  |  | 0.27 |  |  |  | 12,879,720 |  |  |  | 0.37 |  |  |  | 19,873,877 |  |  |  | 0.31 |  |  |  | 45,309,478 |
Granted during the year |  |  | 0.19 |  |  |  | 2,000,000 |  |  |  | 0.12 |  |  |  | 1,430,000 |  |  |  | 0.25 |  |  |  | 500,000 |
Exercised during the year |  |  | 0.12 |  |  |  | (200,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Forfeited/lapsed during the year |  |  | 0.18 |  |  |  | (173,600 | ) |  |  | 0.48 |  |  |  | (8,424,157 | ) |  |  | 0.27 |  |  |  | (25,935,601 | )
As at 30 June |  |  | 0.26 |  |  |  | 14,506,120 |  |  |  | 0.27 |  |  |  | 12,879,720 |  |  |  | 0.37 |  |  |  | 19,873,877 |
Vested and exercisable at 30 June |  |  | 0.27 |  |  |  | 13,346,386 |  |  |  | 0.27 |  |  |  | 12,610,802 |  |  |  | 0.37 |  |  |  | 19,538,877 |
Share options outstanding at the end of the year have the following expiry date and exercise prices:
|  |  |  | Exercise price |  |  | Share options |  |  | Share options |  |  | Share options |
Grant date |  | Expiry date |  | (A$ unless stated otherwise) |  |  | 30 June 2024 |  |  | 30 June 2023 |  |  | 30 June 2022 |
2018-03-15 |  | 2023-03-15 |  |  | 0.468 |  |  |  | - |  |  |  | - |  |  |  | 7,897,647 |
2017-06-09 (warrants) |  | 2022-06-08 |  | USD | 0.3125 |  |  |  | - |  |  |  | - |  |  |  | - |
2018-03-15 |  | 2023-03-15 |  |  | 0.585 |  |  |  | - |  |  |  | - |  |  |  | 526,510 |
2019-05-23 (warrants) |  | 2024-05-23 |  | USD | 0.125 |  |  |  | - |  |  |  | 173,600 |  |  |  | 173,600 |
2019-07-16 (warrants) |  | 2024-07-16 |  | USD | 0.125 |  |  |  | 116,120 |  |  |  | 116,120 |  |  |  | 116,120 |
2018-07-13 |  | 2021-07-01 |  |  | 0.500 |  |  |  | - |  |  |  | - |  |  |  | - |
2019-11-06 |  | 2024-02-10 |  |  | 0.500 |  |  |  | - |  |  |  | - |  |  |  | - |
2020-10-29 |  | 2024-04-14 |  |  | 0.12 |  |  |  | 7,900,000 |  |  |  | 8,100,000 |  |  |  | 8,100,000 |
2020-07-24 (warrants) |  | 2025-07-21 |  | USD | 0.5859 |  |  |  | 2,560,000 |  |  |  | 2,560,000 |  |  |  | 2,560,000 |
2021-10-26 |  | 2025-10-26 |  |  | 0.25 |  |  |  | 500,000 |  |  |  | 500,000 |  |  |  | 500,000 |
2022-06-27 |  | 2026-06-27 |  |  | 0.12 |  |  |  | 1,430,000 |  |  |  | 1,430,000 |  |  |  | - |
2023-11-21 |  | 2027-11-21 |  |  | 0.25 |  |  |  | 1,000,000 |  |  |  | - |  |  |  | - |
2024-06-19 |  | 2028-06-19 |  |  | 0.13 |  |  |  | 1,000,000 |  |  |  | - |  |  |  | - |
Total |  |  |  |  |  |  |  |  | 14,506,120 |  |  |  | 12,879,720 |  |  |  | 19,873,877 |
Weighted average remaining contractual life of options outstanding at end of period |  |  |  |  |  |  | 2.01 |  |  |  | 1.35 |  |  |  | 1.54 |
(i) | Fair value of options granted
The assessed fair value of options at grant date was determined using the Black-Scholes option pricing model that takes into account the exercise price, term of the option, security price at grant date and expected price volatility of the underlying security, the expected dividend yield, the risk-free interest rate for the term of the security and certain probability assumptions. The model inputs for options granted under OIP during the year ended June 30, 2024 included:
|  | Share price |  |  |  |  |  |  |  |  |  |  |  | Fair value at grant |
|  |  |  | Exercise |  |  |  |  |  | at grant |  |  |  |  |  |  |  |  | Risk- free |  |  | date per |
|  |  |  | price |  |  | No. of |  |  | date |  |  | Expected |  |  | Dividend |  |  | interest |  |  | option |
Grant date |  | Expiry date |  | (A$) |  |  | options |  |  | (A$) |  |  | volatility |  |  | yield |  |  | rate |  |  | (A$) |
2023-11-21 |  | 2027-11-21 |  |  | 0.25 |  |  |  | 1,000,000 |  |  |  | 0.08 |  |  |  | 119.21 | % |  |  | 0.00 | % |  |  | 4.09 | % |  |  | 0.0511 |
2024-06-19 |  | 2028-06-19 |  |  | 0.13 |  |  |  | 1,000,000 | * |  |  | 0.09 |  |  |  | 90.42 | % |  |  | 0.00 | % |  |  | 3.97 | % |  |  | 0.0524 |
|  |  |  |  |  |  |  |  | 2,000,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| * | 1,000,000 options granted to Dr. Jeannette Joughin are subject to shareholder approval at the upcoming AGM on 26 November 2024.
No options were granted under OIP during the year ended June 30, 2023. The model inputs for options granted under OIP during the year ended June 30, 2022 included:
|  | Share price |  |  |  |  |  |  |  |  |  |  |  | Fair value at grant |
|  |  |  | Exercise |  |  |  |  |  | at grant |  |  |  |  |  |  |  |  | Risk- free |  |  | date per |
|  |  |  | price |  |  | No. of |  |  | date |  |  | Expected |  |  | Dividend |  |  | interest |  |  | option |
Grant date |  | Expiry date |  | (A$) |  |  | options |  |  | (A$) |  |  | volatility |  |  | yield |  |  | rate |  |  | (A$) |
2021-10-26 |  | 2025-10-26 |  |  | 0.25 |  |  |  | 500,000 |  |  |  | 0.12 |  |  |  | 131.70 | % |  |  | 0.00 | % |  |  | 0.69 | % |  |  | 0.0886 |
2022-06-27 |  | 2026-06-27 |  |  | 0.12 |  |  |  | 1,430,000 | * |  |  | 0.07 |  |  |  | 128.10 | % |  |  | 0.00 | % |  |  | 3.31 | % |  |  | 0.0530 |
2022-03-15 |  | 2026-06-27 |  |  | 0.12 |  |  |  | 1,000,000 | * |  |  | 0.07 |  |  |  | 128.10 | % |  |  | 0.00 | % |  |  | 3.31 | % |  |  | 0.0530 |
|  |  |  |  |  |  |  |  | 2,930,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
* | 1,430,000 options granted to Mr. Steven Lydeamore on 27 June 2022 and subsequently issued after the reporting period, on 1 July 2022.
| 1,000,000 options granted to Mr. Paul Brennan on 15 March 2022.
The expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may also not necessarily be the actual outcome.
b) | Expenses arising from share-based payment transactions
Total expenses arising from share-based payment transactions recognized during the period were as follows:
|  | 2024 A$ |  |  | 2023 A$ |  |  | 2022 A$ |
Options issued under OIP |  |  | 3,299 |  |  |  | 104,753 |  |  |  | 54,930 |
Shares issued under OIP |  |  | - |  |  |  | - |  |  |  | 39,960 |
Performance rights issued under OIP1 |  |  | - |  |  |  | 122,201 |  |  |  | - |
|  |  | 3,299 |  |  |  | 226,954 |  |  |  | 94,890 |
| 1 | It was agreed that performance bonus for selected employees for the year ended 30 June 2023 would be paid in performance rights rather than cash. Performance rights to be issued to employees are long-term incentives under OIP.

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